India: Majority keen on usage-based insurance
Source: Asia Insurance Review | Mar 2023
Seventy percent of respondents to an insurance survey have indicated that they have strong intentions to buy usage-based insurance (UBI) over other types of insurance.
This is one finding published in a consumer study report titled ‘Usage Based Insurance: Decoding Awareness, Perception and Behaviour’ released by Zuno General Insurance.
The study was carried out to understand millennials and Gen Z’s awareness, understanding and what they think of usage-based insurance. Zuno General Insurance has been leading the concept UBI in India for almost three years. Zuno General Insurance conducted the survey in Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad, in collaboration with Crownit.
Some of the other highlights of the research are:
- 65% of respondents feel that people in India are safe drivers
- 90% of respondents want to get a driving score that indicates how safely they drive
- 76% of respondents strongly believe that getting a driving score will help improve their driving skills
- 95% of respondents believe rewarding safe driving will influence driving behaviour positively A